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SpaceX issued $25 billion in investment-grade bonds on Tuesday, marking the final step in the company's efforts to replace high-cost debt. This high-cost debt had been used to finance Elon Musk's 2022 acquisition of X (formerly known as Twitter), as well as loans and bonds issued by the AI lab xAI last year to offset its fast cash burn. If these entities had not been merged into SpaceX, they would have paid approximately $1.8 billion in interest expenses on a total debt of $17.5 billion this year. Now, the merged SpaceX will bear an annual interest cost of approximately $1.5 billion on the $25 billion first-time bond issuance.